How many Romanians are expected to declare their personal insolvency?

Some 60,000 people are expected to declare their personal insolvency in Bucharest alone each year, according to estimates by the Bucharest Court, cited by local Profit.ro. The court has asked for more employees arguing that the judges will have to solve some 1.8 million cases of personal insolvency, representing appeals and other procedures related to personal insolvency requests, only in the capital. The personal insolvency law helps those who can’t pay their debts anymore to settle these debts without penalties. It allows good debtors to open the personal insolvency procedure, and reschedule their debts based on a reimbursement plan, which can stretch over five years. At the moment, only companies can go into insolvency. The Government has postponed for a year the deadline for enforcing the personal insolvency law, to December 31, 2016, arguing that the courts needed to prepare for implementing the law. Courts in Bucharest need at least 600 new judges and 750 court clerks to handle the increased work volume, according to the Superior Council of Magistracy. editor@romania-insider.com